Tax Tips for Appraisers and Small Business Owners

Appraisal business owner working on taxes

Tax season 2021 is just around the corner. If you own your own appraisal business, or another type of small business, you may have some questions regarding the best practices for filing taxes. To help you out, we’ve put together a list of resources containing helpful info and tax advice for this year—including a Pro-Series webinar featuring business and tax tips for appraisers.

Webinar featuring tax tips for appraisers

Join us on Wednesday, February 3rd from 11:00am–12:00pm EST for a Pro-Series webinar, Business Structures: What to Know for Your Taxes. Tax Manager Jim Embrey will teach you about real estate appraisal business structures so you can decide which is best for you. He will also discuss how these businesses are reported to the Internal Revenue Service, so that you are “doing the right thing” in the eyes of the IRS. In additon, you’ll learn some actions that you can take to minimize your tax burden, all while keeping on the straight and narrow.

Take your appraisal skills to the next level with our Pro-Series webinars. View the schedule.

What to expect this tax season

Like so many other things, tax season is going to be a little different this year due to the COVID-19 pandemic. This Washington Post article breaks down what to expect this year. It includes helpful info regarding important dates for tax season 2021, stimulus payments, identity theft, and free tax resources. One thing that will not be different this year? The April 15 deadline for filing tax returns.

Tax guide for small businesses

This detailed guide by Business News Daily provides a helpful overview of all you need to know regarding small business taxes in 2021. It discusses new programs and tax changes due to COVID-19 and also goes into detail about previous tax changes. Additionally, it lays out the different types of small business taxes, top tax deductions, and general tax tips to keep in mind as a small business owner.

Best small business tax software of 2021

Looking to save money by preparing your own taxes? This guide by Fit Small Business breaks down the best tax software options for small business based on price, features, and ease of use. The guide identifies TaxAct, H&R Block, TurboTax, TaxSlayer, and FreeTaxUSA as the top five choices, and it gives detailed info comparing the features, pricing, and shortcomings of each.

IRS tax center

Did you know there’s a section of the IRS’s website devoted to providing guidance and resources for small businesses and self employed individuals? If you are a freelance appraiser, or if you own your own appraisal business with a small number of employees, check out this helpful and reliable resource chalk full of useful links, guides, calendars, and tax forms. Visit the Small Business and Self-Employed Tax Center.

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